Morning Report

The pair is stable above the top of the suggested (B) point of the Butterfly harmonic pattern, which is still under formation. Consolidation above this level at 0.8960 suggests that the pair could reach the first potential reversal zone of the suggested harmonic structure at 0.9210. Stochastic is within overbought areas, which could trigger slight fluctuations and maybe downside corrections, but any trading above the bottom of the suggested (C) point at 0.8760 supports the upside movement to remain valid today.

The trading range for today is among the major support at 0.8805 and the major resistance at 0.9210.

The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.

Previous Report

Weekly Report

RecommendationBased on the chart and explanations above, we recommend buying the pair around 0.9000, and take profit in stages at (0.9105 and 0.9210) and stop loss below 0.8900 might be appropriate